Codere Online closed 2025 on a positive note from a revenue perspective, though the business may be approaching this year with trepidation amid tax hikes across core markets.

The online bookmaker and casino operator, which focuses on Spanish-speaking markets, reported total 2025 year-on-year revenue growth of 6% from €212m to €224m (£195.2m).

Its Q4 performance remained broadly similar, with revenue up 15% from €52.7m to €60.7m, with both quarterly and full year stats corresponding roughly to increases in active player numbers – up 13% for the whole of 2025 and 20% in Q4.

However, like many other operators across many other markets, Codere is bracing to feel the impact of a heavier tax bill in 2025 and 2026 with knock-on effects particularly expected in Mexico and Colombia. Leadership remains optimistic nonetheless.

Aviv Sher, Chief Executive Officer of Codere Online, said: “In the fourth quarter of 2025, our net gaming revenue reached €60.7m, marking the highest quarterly figure in the company’s history.

“This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer.”

Sharpening the tax

Codere Online has a broad international presence, being active in Spain as well as across several key Latin American betting markets. This includes the aforementioned Mexico and Colombia as well as Argentina and Panama.

As with Europe, Latin America is seeing some notable instances of governments hiking tax rates, having recognised gambling as a lucrative source of state income. 

For Codere, the increase in Mexican gaming taxes from 30% to 50% on 1 January and the value added tax of 19% on online deposits in Colombia from 21 February 2025 to 31 December 2025 are of particular importance. This latter tax has now shifted to being on gross gaming revenues (GGR).

In November 2025, the company called a halt to investment in Colombia to cope with the financial burden of the tax rises. In 2026, it seems that Mexico is the company’s main concern, especially with the World Cup coming up.

In a SBC-organised webinar focusing on Latin American business, Sher reflected on the fact that Mexico’s taxes will affect marketing and put operators on a backfoot when it comes to competing with the illegal market.

“Less marketing means less visibility for regulated platforms,” he said, an argument he repeated yesterday while appearing on a second SBC webinar, this time examining marketing and customer acquisition around the World Cup.

The importance of Mexico to Codere Online’s operation can be seen clearly in its 2025 financials – revenue from the country was up 12% for the whole year at €119.1m (2024: €106.6m) and 31% in Q4 to €32.8m (€25.1m).

The impact of these tax burdens on Codere Online seems to have been varied. Adjusted EBITDA for Q4 came in at €6.7m, 71% above the €1.8m in Q4 2024, but the company incurred an overall net loss in 2025 of €1.8m as opposed to net income of €3.9m in 2024.

Looking ahead, Codere Online expects net gaming revenue of €235m-€245m and adjusted EBITDA of €15m-€20m at the end of 2026.

Marcus Arildsson, Codere Online’s Chief Financial Officer, said: “Beyond the strong top line performance in the fourth quarter, we also had a significant uplift in Adj. EBITDA to €6.7m in the period, allowing us to meet the upper part of the 2025 outlook range we provided last year.”

“As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245m range and Adj. EBITDA between €15 and 20m.”